Eastgroup Properties, Inc. · NYSE:EGP
Eastgroup Properties — Q4 2025 Earnings Presentation
25 slides from Eastgroup Properties's earnings presentation, Feb 5, 2026
Slide 1: Q4 2025 Supplemental Information
Conference Call 1-800-836-8184 | ID – EastGroup February 5, 2026 Table of Contents 10:00 a.m. Eastern Time webcast available at EastGroup.net Skyway Logistics Park, Charlotte, NC SUPPLEMENTAL INFORMATION December 31, 2025 Q4 2025 Supplemental | Page 1
Slide 2: Table of Contents
Table of Contents Financial Information: Consolidated Balance Sheets ................................................................................ 3 Consolidated Statements of Income and Comprehensive Income ......................... 4 Reconciliations of GAAP to Non-GAAP Measures ................
Slide 3: Consolidated Balance Sheets
Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) December 31, 2025 December 31, 2024 ASSETS Real estate properties $ 5,989,788 5,503,444 Development and value-add properties 710,200 674,472 6,699,988 6,177,916 Accumulated depreciation (1,583,532) (1,415,576) 5,
Slide 4: Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income and Comprehensive Income (In thousands, except per share data) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 REVENUES Income from real estate operations $ 187,428 163,767 719,417 638,035 Other revenue 37 277 1,919 2
Slide 5: Reconciliations of GAAP to Non-GAAP Measures
Reconciliations of GAAP to Non-GAAP Measures (In thousands, except per share data) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS $ 67,737 58,640 257,402 227,751 Depreciation a
Slide 6: Reconciliations of GAAP to Non-GAAP Measures (continued)
Reconciliations of GAAP to Non-GAAP Measures (continued) (In thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 NET INCOME $ 67,751 58,654 257,458 227,807 Gain on sales of real estate investments - - - (8,751) Gain on sales of non-operating re
Slide 7: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (In thousands) (Unaudited) Twelve Months Ended December 31, 2025 2024 OPERATING ACTIVITIES Net income $ 257,458 227,807 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 216,732 189,411 Stock-based co
Slide 8: Same Property Portfolio Analysis
Same Property Portfolio Analysis (In thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 % Change 2025 2024 % Change (1) Same Property Portfolio Square feet as of period end 54,721 54,721 54,721 54,721 Average occupancy 97.1% 95.9% 1.2% 96.5% 96.8% -0.3%
Slide 9: Additional Financial Information
Additional Financial Information (In thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 (Items below represent increases or (decreases) in FFO) SELECTED INCOME STATEMENT INFORMATION Lease income - operating leases $ 142,223 124,512 543,729 477
Slide 10: Financial Statistics
Financial Statistics ($ in thousands, except per share data) (Unaudited) Years Ended 2025 2024 2023 2022 2021 ASSETS/MARKET CAPITALIZATION Assets $ 5,431,807 5,077,476 4,519,213 4,035,837 3,215,336 Equity Market Capitalization 9,503,555 8,317,522 8,754,937 6,451,794 9,403,107 (1) Total Market Capita
Slide 11: Development and Value-Add Properties Summary
Development and Value-Add Properties Summary ($ in thousands) (Unaudited) Cumulative Anticipated Costs at Projected Conversion % Leased Square Feet (SF) 12/31/25 Total Costs Date (1) 2/3/26 Lease-Up Denton 35 Exchange 1 & 2 Dallas, TX 244,000 $ 32,662 35,700 02/26 47% Skyway 1 & 2 Charlotte, NC 318,
Slide 12: Development and Value-Add Properties Transferred to Real Estate Properties
Development and Value-Add Properties Transferred to Real Estate Properties ($ in thousands) (Unaudited) Cumulative Costs at Conversion % Leased Square Feet (SF) 12/31/25 Date 2/3/26 1st Quarter SunCoast 9 Fort Myers, FL 111,000 $ 16,385 02/25 64% Northeast Trade Center 1 San Antonio, TX 264,000 28,8
Slide 13: Acquisitions and Dispositions Through December 31, 2025
Acquisitions and Dispositions Through December 31, 2025 ($ in thousands) (Unaudited) ACQUISITIONS (1) Date Property Name Location Size Purchase Price st 1 Quarter None 2nd Quarter 05/07/25 Bell Creek Logistics Center Land Tampa, FL 65.9 Acres $ 32,433 06/02/25 Frisco Park 121 Land Dallas, TX 28.6 Ac
Slide 14: Real Estate Improvements and Leasing Costs
Real Estate Improvements and Leasing Costs (In thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, REAL ESTATE IMPROVEMENTS 2025 2024 2025 2024 Upgrade on acquisitions $ 14 19 90 1,435 Tenant improvements: New tenants 5,597 4,388 23,937 18,540 Renewal tenants 931
Slide 15: Leasing Statistics and Occupancy Summary
Leasing Statistics and Occupancy Summary (Unaudited) Three Months Ended Number of Square Feet Weighted Rental Rate Change Rental Rate Change PSF Tenant PSF Leasing PSF Total December 31, 2025 Leases Signed Signed Average Term Straight-Line Basis (1) Cash Basis (1) Improvement (2) Commission (2) Leas
Slide 16: Core Market Operating Statistics
Core Market Operating Statistics December 31, 2025 (Unaudited) Same PNOI Change* Rental Rate Change (excluding income from lease terminations) New and Renewal Leases (2) Total % of Total Lease Expirations QTR YTD QTR YTD Square Feet Annualized % in Square Feet Straight-Line Cash Straight-Line Cash S
Slide 17: Lease Expiration Summary
Lease Expiration Summary - Total Square Feet of Operating Properties Based on Leases Signed Through December 31, 2025 ($ in thousands) (Unaudited) Annualized Current % of Total Base Rent of Base Rent of Total Rentable Leases Expiring Leases Expiring Year of Lease Expiration Square Feet (without S/L
Slide 18: Top Customers by Annualized Base Rent
Top 10 Customers by Annualized Base Rent As of December 31, 2025 (Unaudited) % of Total # of Total SF % of Total Annualized Customer Leases Location Leased Portfolio SF Base Rent (1) 1 Amazon 2 San Diego, CA 710,000 1 San Antonio, TX 57,000 1.3% 1.5% 2 DSV Air & Sea Inc. 3 Houston, TX 385,000 1 Phoe
Slide 19: Debt and Equity Market Capitalization
Debt and Equity Market Capitalization December 31, 2025 ($ in thousands, except per share data) (Unaudited) Unsecured debt (fixed rate) (1) Average Weighted Average Principal Payments Years to Maturity Dates Interest Rate Maturing Maturity October 10, 2026 1.98% $ 100,000 December 15, 2026 3.75% 40,
Slide 20: Continuous Common Equity Program
Continuous Common Equity Program ($ in thousands, except per share data) (Unaudited) Weighted Average DIRECT COMMON STOCK ISSUANCE ACTIVITY Common Stock Price Gross Proceeds (1) (In shares) (Per share) (In thousands) 1st Quarter 2025: Total shares issued and proceeds received during the three months
Slide 21: Debt-to-EBITDAre Ratios
Debt-to-EBITDAre Ratios ($ in thousands) (Unaudited) Quarter Ended Years Ended December 31, (2) (1) December 31, 2025 2025 2024 2023 2022 2021 Debt $ 1,627,275 $ 1,627,275 1,503,562 1,674,827 1,861,744 1,451,778 EBITDAre* 133,564 506,427 447,186 401,335 337,536 278,959 DEBT-TO-EBITDAre RATIO* 3.0 3.
Slide 22: Components of Net Asset Value
Components of Net Asset Value (In thousands) (Unaudited) Three Months Ended December 31, 2025 Quarterly property net operating income (PNOI) (Straight-Line Basis) $ 138,609 Stabilized occupancy adjustment (97.0% occupancy) 1,470 (1) Development and value-add projects adjustment (100% occupancy) 9,17
Slide 23: Outlook for 2026
Outlook for 2026 (Unaudited) Low Range High Range Q1 2026 Y/E 2026 Q1 2026 Y/E 2026 (In thousands, except per share data) Net income attributable to common stockholders $ 62,946 263,432 67,214 274,110 Depreciation and amortization 56,928 238,167 56,928 238,167 Funds from operations attributable to c
Slide 24: Glossary of REIT Terms
Glossary of REIT Terms Listed below are definitions of commonly used real estate investment trust (“REIT”) industry terms. For additional information on REITs, please see the National Association of Real Estate Investment Trusts (“Nareit”) web site at www.reit.com. Adjusted Debt-to-Pro Forma EBITDAr
Slide 25: Glossary of REIT Terms
Glossary of REIT Terms Property Net Operating Income (“PNOI”): Income from real estate operations less Expenses from real estate operations (including market-based internal management fee expense) plus the Company’s share of income and property operating expenses from its less-than-wholly-owned real